HB 805 -- Missouri Technology Corporation

Sponsor:  Grisamore

This bill allows the Missouri Technology Corporation to authorize
up to $10 million in tax credits per fiscal year.

A taxpayer can receive a 30% tax credit for a contribution toward
the first $500,000 in venture capital contributed to a qualifying
company or a 40% tax credit if the company is located in a rural
area or distressed community.

The corporation can reserve tax credits for taxpayers who
contribute the initial $5 million in venture capital to the
company.  The tax credit is equal to 30% of the amount invested
or 40% if the company is located in a rural area or distressed
community.

The reserved tax credits will only be issued to investors who
have a net loss of investment within five years of contributing
the first $5 million in venture capital to an approved company.

A taxpayer can receive a 50% tax credit for contributions to a
technology commercialization infrastructure project or for
expenditures for industrial research conducted at a public
research institution or private not-for-profit research
institution for a collaborative research project approved by the
corporation.

The credits can be used to offset current income taxes, carried
over for three consecutive years, or transferred.

A qualifying company that relocates its headquarters out of
Missouri, ceases to employ 80% of its employees in Missouri,
alters the principal nature of its operations, or divests itself
of key assets is required to repay the state for the tax credits
issued to its contributors.

Missouri House of Representatives
94th General Assembly, 1st Regular Session
Last Updated July 25, 2007 at 11:20 am